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Tips to make home purchase regret-free: Ask Joe

A new survey suggests 41 per cent of home buyers wish they’d done something differently, for instance seen more properties, or done a home inspection. Your realtor can help you avoid buyer’s lament, along with a new resource, the Ontario Real Estate Council’s interactive website.

Got a question? Ask your realtor to explain anything confusing, and make he or she well aware of your needs and wants. Online, the Real Estate Council of Ontario's interactive website, www.recofactfiction.ca, is a new go-to spot to brush up on real estate basics. (DREAMSTIME PHOTOILLUSTRATION)

By Joseph Richer RegistrarReal Estate Council of Ontario

Fri., Nov. 21, 2014

I’ve been saving up for a couple of years and I’m ready to buy my first place. I’m worried about making the wrong decision when it comes time to buy. How can I make sure that doesn’t happen?

First off, congratulations on reaching this milestone. Saving for a home often involves sacrifice, careful planning and persistence and those traits will serve you well as you go through the buying process.

For most of us, buying or selling a home is the single biggest financial transaction we’ll ever make. With November marking Financial Literacy Month in Canada, it’s a good time to remember that home is more than just where the heart is, it’s also a significant investment that can impact our financial well-being.

I’ve covered a lot of topics in this column over the past two years, and often times I end up coming back to the same piece of advice: the need to be well-informed about the process of buying or selling a home before getting into what can be a very competitive market. And, that advice will ring true in helping you make the right buying decision.

A recently released survey found that Ontario homeowners have misunderstandings when it comes to the buying and selling process. Contracts seem to be one of the areas where there is confusion.

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As real estate transactions involve many contracts and agreements, you’ll want to understand what you’re signing. Otherwise, you may agree to something that doesn’t fully reflect your needs or wants. Your registered real estate professional is a good resource to answer your questions and explain anything you may find confusing.

The survey also found that 41 per cent of Ontario homeowners strongly wish, in hindsight, that they had done something differently when they bought or sold a home.

What did buyers most regret? Twenty-six per cent wish they had a better grasp of the overall process, 21 per cent wish they saw more houses and 15 per cent wish they had done a home inspection.

These results are a telling reminder that a good understanding of the real estate transaction process can lead to fewer long-term regrets. That’s why RECO has launched recofactfiction.ca, a new interactive website to help buyers and sellers brush up on real estate basics and learn about the right steps to take and questions to ask to make informed buying and selling decisions.

When you do start looking at homes, you’ll want to be well aware of your needs and wants and have a clear understanding of how much you can afford. You’ll want to read and understand all forms and contracts before signing. And, if you have any questions or concerns, it’s important to get them answered before signing on the dotted line.

Throughout the process, you’ll be asked to make decisions and it’s important to know what impact those decisions can have. For example, if you choose to skip a home inspection to win a bidding war, can you afford to deal with unexpected repairs?

While the process may seem complicated, working with a registered real estate professional will provide you with three pillars of protection: knowledge, professional standards and insurance. Registered real estate professionals have the knowledge needed to guide you through the purchase of your home.

They are also required to uphold professional standards that emphasize treating anyone involved in a transaction with fairness, honesty and integrity, and following rules and regulations that are there to protect consumers.

And finally, they are covered by two forms of insurance. The first is consumer deposit protection insurance, while the second is for errors and omissions. To verify that your representative is registered with RECO, check out the search feature at www.reco.on.ca.

For more information on navigating the buying process, visit our Facebook and Twitter pages for daily tips and check out our YouTube channel for a video series that answers common home buyer and seller questions.

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